Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q4 2024 Earnings Presentation
32 slides from Cto Realty Growth's earnings presentation, Feb 20, 2025
Slide 1: Fourth Quarter 2024 Investor Presentation
February 2025 Fourth Quarter 2024 Investor Presentation Ashford Lane | Atlanta, GA
Slide 2: FY 2024 Highlights
2 © CTO Realty Growth, Inc. | ctoreit.com $496M $690M $919M $946M $1.3B 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 2.5M 2.7M 3.7M 3.7M 4.7M 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Highlights Portfolio Square Feet Enterprise Value As of December 31, 2024 1. Inclusive of $10
Slide 3: Company Highlights
3 © CTO Realty Growth, Inc. | ctoreit.com Company Highlights Unless otherwise noted, metrics are as of December 31, 2024, and reflect a $19.71 per share common stock price for CTO 1. Calculated assuming the Convertible Notes are redeemed with cash 2. Investment and disposition activity includes both
Slide 4: Portfolio by Asset Type
4 © CTO Realty Growth, Inc. | ctoreit.com Portfolio by Asset Type 23% Grocery-Anchored Retail 28% Lifestyle 43% Power Center As of December 31, 2024 Percentages based on ABR. Excludes 6% of ABR from other assets comprised of mixed-use asset, single tenant retail & single tenant office ▪ Tenants are
Slide 5: Industry Composition
5 © CTO Realty Growth, Inc. | ctoreit.com Rank Industry SF (000s) ABR % 1 Casual Dining 370 15% 2 Off-Price Retail 568 8% 3 Financial Services 291 8% 4 Entertainment 296 8% 5 Beauty & Cosmetics 188 6% 6 Healthcare Services 168 6% 7 Apparel 214 6% 8 Specialty Retail 206 5% 9 Fast Casual Restaurant 11
Slide 6: Investment Strategy
6 © CTO Realty Growth, Inc. | ctoreit.com Investment Strategy 1. Also includes commercial loans secured by the borrower’s pledge of its ownership interest in an entity that owns real estate 2. Q4 2024 annualized metrics comprised of $4.4 million of management fee income and $2.6 million of dividend
Slide 7: Strong Leasing Execution
7 © CTO Realty Growth, Inc. | ctoreit.com Strong Leasing Execution As of December 31, 2024 1. Excludes newly leased units that were acquired as vacant. Anchors Small Shops Legacy Club 7 2024 # of Leases Signed 70 Square Feet New Leases 200,637 Renewals, Options & Extensions 251,664 Total Square Feet
Slide 8: Mark-to-Market Opportunity From Recent/Expected Store Closings
8 © CTO Realty Growth, Inc. | ctoreit.com Mark-to-Market Opportunity From Recent/Expected Store Closings Previous / Existing Tenant Property SF Market Vacated Conn’s Carolina Pavilion 42,375 Charlotte, NC American Freight Carolina Pavilion 35,000 Charlotte, NC Big Lots Marketplace at Seminole 33,893
Slide 9: Signed-Not-Open (SNO) Schedule
9 © CTO Realty Growth, Inc. | ctoreit.com Signed-Not-Open (SNO) Schedule As of 2/18/2025 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of 12/31/2024. 1. ABR Recognition Timing represents the percent of rent within the SNO pipeline that is expected to
Slide 10: Recent Acquisitions
10 © CTO Realty Growth, Inc. | ctoreit.com Lake Brandon Village • Tampa, FL • 102,000 sf • $14.16 ABR / sf • 100% occupancy • Closed August 2024 Recent Acquisitions As of 12/31/2024 unless otherwise noted. 1. Purchase price and cap rate includes purchase of the separate parcels at West Broad Village
Slide 11: Recent Structured Investment – Whole Foods, Atlanta, GA
11 © CTO Realty Growth, Inc. | ctoreit.com Recent Structured Investment – Whole Foods, Atlanta, GA Origination of $40.2 Million First Mortgage Loan for Whole Foods Market Anchored Development ▪ Strategic investment expected to benefit The Collection at Forsyth ▪ Located on 35 acres neighboring CTO’s
Slide 12: Fast Growing Retail-Focused Portfolio in the Southeast/Southwest
12 © CTO Realty Growth, Inc. | ctoreit.com Fast Growing Retail-Focused Portfolio in the Southeast/Southwest All values are as of year-end for their respective years, unless otherwise noted. 1. In 2019, PINE completed it’s IPO with a portfolio contributed from CTO. It is also the year CTO changed its
Slide 13: High-Quality Demographics and Top Markets
13 © CTO Realty Growth, Inc. | ctoreit.com 94% % of ABR from ULI’s Top 30 Markets 1 High-Quality Demographics Percentages listed based on GAAP Annualized Base Rent for the Company’s portfolio as of December 31, 2024. Any differences a result of rounding. 1. Source: Esri; Portfolio average weighted b
Slide 14: Lease Rollover Schedule
14 © CTO Realty Growth, Inc. | ctoreit.com 6.9% 12.2% 10.9% 20.9% 10.0% 7.5% 8.6% 23.0% Lease Rollover Schedule As of December 31, 2024 1. Percent of ABR from tenants or the parents of a tenant. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant o
Slide 15: Tenant Overview
15 © CTO Realty Growth, Inc. | ctoreit.com Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 AMC CCC+ 3 174 5% 2 Fidelity A+ 2 218 5% 3 Ross/dd's Discount BBB+ 6 164 2% 4 Best Buy BBB+ 3 112 2% 5 Publix NR 2 99 2% 6 Southern University NR 1 60 2% 7 Whole Foods Market AA- 1 60 2% 8
Slide 16: Structured Investments Portfolio
16 © CTO Realty Growth, Inc. | ctoreit.com Structured Investments Portfolio Exchange at Gwinnett Buford, GA Property Market Type Current Maturity Current Yield Current Face Amount Rivana Herndon, VA Washington, D.C. Land Development First Mortgage September 2026 11.00% $42.0 Watters Creek at Montgom
Slide 17: PINE Company Profile
17 © CTO Realty Growth, Inc. | ctoreit.com © GeoNames, Microsoft, TomTom Powered by Bing PINE Company Profile 1. Calculated using annualized Q4 2024 income 2. Based on PINE’s $16.79 per share common stock price as of December 31, 2024 Dividend Yield2 6.7% Implied Cap Rate 8.1% Number of Properties 1
Slide 18: Balance Sheet
18 © CTO Realty Growth, Inc. | ctoreit.com $51 $83 $100 $187 $100 2025 2026 2027 2028 2029 Unsecured Secured Revolving Credit Facility Balance Sheet Exchange at Gwinnett Buford, GA As of December 31, 2024 1. 2028 reflects $87 million outstanding under the Company’s $300 million senior unsecured revo
Slide 19: Attractive Valuation and Compelling Dividend Yield
19 © CTO Realty Growth, Inc. | ctoreit.com 18.7x 15.7x 15.4x 13.0x 12.7x 12.6x 12.3x 10.8x 3.1% 3.9% 3.2% 3.8% 5.1% 4.1% 4.3% 7.7% – 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% – 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x AKR FRT UE WSR AAT BRX KRG CTO 2025E Core FFO Multiple Pee
Slide 20: 5-Year Total Return – CTO Outperformance
20 © CTO Realty Growth, Inc. | ctoreit.com 5-Year Total Return – CTO Outperformance RMS 2 : 23% Peers 1 : 31% CTO: 81% As of December 31, 2024 Data from S&P Capital IQ, includes dividends 1. Peers include AAT, AKR, BRX, FRT, KIM, KRG, UE & WSR 2. The RMS does not include CTO as of December 31, 2024
Slide 21: 2025 Guidance
21 © CTO Realty Growth, Inc. | ctoreit.com 2025 Guidance Exchange at Gwinnett Buford, GA $ and shares outstanding in millions, except per share data. 1. See reconciliation of our 2025 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, in our Earnings Release on
Slide 22: Experienced Management Team
22 © CTO Realty Growth, Inc. | ctoreit.com Experienced Management Team Exchange at Gwinnett Buford, GA Yonder Yoga John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investme
Slide 23: Corporate Responsibility
23 © CTO Realty Growth, Inc. | ctoreit.com Corporate Responsibility Exchange at Gwinnett Buford, GA Yonder Yoga Fully committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Social Responsibility Inclusive and Supportive Company Culture ▪ De
Slide 24: Environmental Responsibility
24 © CTO Realty Growth, Inc. | ctoreit.com Environmental Responsibility Yonder Yoga Over the past ten years, CTO has planted approximately 170,000 pine trees in Florida and has restored over 700 acres of former industrial timberland. These 170,000 trees absorb more than 1,000 tons of carbon each yea
Slide 25: Forward Looking Statements & Non-GAAP Financial Measures
25 © CTO Realty Growth, Inc. | ctoreit.com Forward Looking Statements & Non-GAAP Financial Measures Forward Looking Statements Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securiti
Slide 26: Non-GAAP Financial Measures
26 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures Non-GAAP Financial Measures (continued) To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortizatio
Slide 27: References
27 © CTO Realty Growth, Inc. | ctoreit.com References References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include: ▪ This presentation was published on February 21, 2025. ▪ All information is as of December 31, 2024, unless otherwis
Slide 28: Consolidated Statements of Operations
28 © CTO Realty Growth, Inc. | ctoreit.com Consolidated Statements of Operations CTO Realty Growth, Inc. (Quarterly metrics are unaudited, in thousands, except share, per share and dividend data) Three Months Ended Year Ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Re
Slide 29: Non-GAAP Financial Measures
29 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures 1. For the three months ended December 31, 2024, and the years ended December 31, 2024 and 2023, interest related to the 2025 Convertible Senior Notes was excluded from net income (loss) attributable to the Company to derive FFO,
Slide 30: Same-Property NOI Reconciliation
30 © CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI Reconciliation 1. Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to estimates related to recently acquired property CAM reconciliations. Three Months Ended Year End
Slide 31: Adjusted EBITDA and Net Debt Reconciliation
31 © CTO Realty Growth, Inc. | ctoreit.com Three Months Ended December 31, 2024 Net Loss Attributable to the Company $ (15,217) Depreciation and Amortization of Real Estate 29,331 Gain on Disposition of Other Assets, Net of Tax (354) Provision for Impairment 23 Unrealized Gain on Investment Securiti
Slide 32: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer, (407) 904-3324, pmays@ctoreit.com Ashford Lane | Atlanta, GA